How do I install this Indicator on MetaTrader 5?

Download the file, open MetaTrader 5 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Indicator?

Drag the Indicator from the Navigator onto your chart and adjust the input parameters as needed.

Is this compatible with MetaTrader 5?

Yes, this Indicator is built specifically for MetaTrader 5.

Is this Indicator safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Indicator on multiple charts?

Yes, you can apply multiple indicators on the same chart.

Can I customize the settings of this Indicator?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free market facilitation index (bw mf i) Indicator for MetaTrader 5

MetaTrader 5 indicator

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market facilitation index (bw mf i)

Info

The market facilitation index (bw mf i) is a Indicator for MetaTrader 5 that the market facilitation index technical indicator (bw mfi) measures the price change per tick. the absolute values of the indicator are not significant; only the changes in the indicator are meaningful.

Usage

This tool is typically used for enhancing chart analysis and decision making.

Platform

This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).

Setup

Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.

How to Install and Use market facilitation index (bw mf i)

1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.

2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.

3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.

4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.

Frequently Asked Questions

Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."

Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).

Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.

What this tool does

the market facilitation index technical indicator (bw mfi) measures the price change per tick.

Typical Use Case

This Indicator excels in automated trading and technical analysis on MetaTrader 5.

Compatible Platform & Setup

This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.

Description & Settings

Related: Quantora Trading Session Monitor MT5: Professional Market Session and Activity Analysis - another powerful indicator for MetaTrader 5 traders.

the market facilitation index technical indicator (bw mfi) measures the price change per tick.

Also recommended: Quantora Market Volatility Monitor MT5 - Professional ATR and Volatility Dashboard - similar indicator with strong performance on MetaTrader 5.

the absolute values of the indicator are not significant; only the changes in the indicator are meaningful. bill williams highlights the relationship between the mfi and volume:

when the market facilitation index and volume rise, it indicates an increase in market participants and that new traders are opening positions in the direction of the bar's development, suggesting a growing momentum.

a falling market facilitation index and volume signify a loss of interest from market participants.

if the market facilitation index increases while volume decreases, it implies that the market is not supported by client volume and that price changes are driven by floor traders' speculations.

when the market facilitation index decreases but volume increases, it suggests a battle between bulls and bears, with significant buy and sell volumes but little price movement due to equal forces. eventually, one side will prevail, and the break of such a bar will determine the trend's continuation or annulment. bill williams refers to this as a 'curtsying' bar.

calculation:

the market facilitation index is calculated by subtracting the lowest bar price from the highest bar price and dividing it by the volume.

bw mfi = (high - low) / volume

where:

high - maximum price of the current bar

low - minimum price of the current bar

volume - volume of the current bar

You may also like: Quantora Market Status Dashboard MT5 - Real-Time Market Analysis - excellent alternative for indicator users on MetaTrader 5.

Source Code

#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_plots   1
#property indicator_type1   draw_color_histogram
#property indicator_color1  lime,saddlebrown,blue,pink
#property indicator_width1  2
input enum_applied_volume inpvolumetype=volume_tick; // volumes
double                    extmfibuffer[];

.......

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⚠ Limitations & Risk Warning

This tool is provided for educational and testing purposes only.
Past performance does not guarantee future results.
Trading involves substantial risk of loss. Use on a demo account first.
Results may vary depending on market conditions, broker, and settings.
We recommend thorough backtesting and forward testing before using with real funds.